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“The UAE offers a wide range of energy projects to companies from around the world and has indeed attracted some of the lowest bids for solar projects in the history of the industry,” said Ryan McPherson, EIC regional director for the Middle East, Africa, Russia, and CIS.
Highlighting hydrogen development in the UAE, the report said there were six projects under development in the country as of October 2022, with total capex likely to be around $1.66 billion. “The UAE could become a key player and supply 25% of the global low-carbon hydrogen market by 2030,” the report said.
The UAE, home to the headquarters of the International Renewable Energy Agency (IRENA), will host the 28th Conference of the Parties (COP 28) in November 2023. The country has the fifth largest proven oil reserves in the world at approximately 111 billion barrels.
In nuclear power, the report noted that the fourth and final unit of the UAE nuclear power plant is expected to start operating in 2023, as it is currently in the final stages of commissioning.
While the UAE’s traditional coal-fired power plants are largely fired by natural gas – accounting for almost 86% of installed capacity – the country’s combined solar and waste-to-energy plants have nearly 3 GW of installed capacity.
“The country is a pioneer in the renewable energy sector in the GCC,” the report said. The UAE plans to increase the share of clean energy to 50% of its electricity mix by 2050.
The Gulf state plans to boost its oil production to 5 million barrels a day by 2025, bringing forward its target by five years. By 2030, this capacity is planned to reach 6 million barrels per day.
Natural gas, a key fuel for the energy transition, is another resource the UAE is vigorously developing. “Abu Dhabi has abundant untapped natural gas resources that could be used to power the UAE for decades,” the report said. As of 2020, Abu Dhabi’s recoverable unconventional gas reserves are estimated at 160 trillion cubic feet (Tcf).
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